KongZhong Acquires Mobile Game Developer

KongZhong PR, 6/22/09

Wireless value-added service provider and WAP portal operator KongZhong (Nasdaq: KONG) announced today an agreement to acquire Chinese mobile game developer Simlife International as a wholly-owned subsidiary. Simlife has a portfolio of over 200 mobile games and a development team of over 50 members. KongZhong will pay a total of USD 3 mln in cash to all Simlife shareholders, and an an additional USD 1.25 mln and 6 mln shares of KongZhong stock (equivalent to 150,000 ADS) to certain shareholders contingent on Simlife's post-acquisition performance. IDGVC partners, which owns roughly 6.7% of KongZhong, also owns approximately 30% of Simlife issued share capital.

Keywords: M&A IDGVC KONG Kongzhong wireless mobile gaming WVAS SP mobile data

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